Sunac was supposed to pay 10% and 15% of the principal at the end of June and September, respectively. Now the company will hold a meeting on June 28-29 for bondholders to approve the reduction of the percentages to 5% and 10%.
The June 30 payment is the first of six installments of the 4 billion yuan puttable bond [CN163376SH=] that Sunac had extended for 18 months from April 1.
The reduced shares will be paid in the last installment in September 2023, according to the filing.
($1 = 6.6885 Chinese yuan renminbi)